Suppose that output q is a function of a single input, labor (L). Describe the returns to

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Suppose that output q is a function of a single input, labor (L). Describe the returns to scale associated with each of the following production functions:

a. q = L/2.

b. q = L2 + L.

c. q = log(L).

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Microeconomics

ISBN: 978-0132857123

8th edition

Authors: Robert Pindyck, Daniel Rubinfeld

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